Answering Doubts about Different Small Business Administration (SBA) Loans
Through more than 800 approved private lenders, the SBA offers several financing options to US small business owners. Each of these loans has its own characteristics, as well as its respective eligibility criteria.
In this section, you will find answers to the questions that small entrepreneurs mostly ask when they request financial assistance from the SBA, whether it is in emergency situations, such as the one we are experiencing now with the coronavirus, or in normal circumstances.
What are the main financing options offered by the SBA?
- Disaster Assistance Loans
- Express Emergency Bridge Loans
- 7 (a) Program Loans
- 504 Program Loans
- Express Loans
- Veterans Loans
- Community Advantage Loans
What are the general basic requirements that each applicant must meet?
- You must be a permanent resident of the country or a US citizen
- You must be a business owner
- You must operate in the US or one of its territories
- You must have invested your own money and time in your business
- You must have exhausted other sources of funding
What are the main requirements that approved private lenders might have?
- Business operating time
- Personal credit score (should be 700, although some accept it between 620 and 680)
- Applicant’s criminal and debt records
- Summary of skills and experience of the work team
- Company’s credit record
- Business plan, company projections, value proposals and how the financing obtained will be used